Samsung Display plans big India display investmentSamsung Display plans to invest $500 million to set up a new manufacturing plant in India, foreign media reported Monday.
According to U.S. tech nology media outlet TechCrunch, Samsung Display filed an investment plan with India’s regulator earlier this month. It said in the filing that the plant in Noida, which is located adjacent to New Delhi, would produce smartphone displays.
Samsung Display officials in Korea confirmed that the company is preparing to build a plant there, but declined to comment on the scale of the investment.
Last year, the company established its India unit, Samsung Display Noida Private.
In 2018, Samsung Electronics opened a smartphone manufacturing facility in Noida in a bid to expand its presence in the world’s second-largest mobile phone market, after China.
Industry insiders said Samsung Displays’ new plant would help its parent company secure smartphone display panels at cheap prices and boost its productivity.
In India, Samsung Electronics has been in a fierce competition with Chinese rivals.
According to data from market researcher Counterpoint, Samsung Electronics is the second-largest smartphone vendor in India behind China’s Xiaomi.
More in Industry
Contract signed for Covid-19 vaccine
Teas the season
Empty Chairs at Empty Table
Is China's post-Thaad ban on Korean games finally over?
Local fast fashion booms as Uniqlo tanks, pandemic hits